FFIEC Cybersecurity Assessment Tool
"The Federal Financial Institutions Examination Council (FFIEC) developed the Cybersecurity Assessment Tool (Assessment) to help institutions identify their risks and determine their cybersecurity preparedness. The Assessment provides a repeatable and measurable process for financial institutions to measure their cybersecurity preparedness over time."[i]
The Federal Financial Institutions Examination Council provides a wide array of tools and information aimed to “ help management and directors of financial institutions understand supervisory expectations, increase awareness of cyber-security risks, and assess and mitigate the risks facing their institutions."
Process Flow for Institutions:
Step 1: Read Overview for Chief Executive Officers and Boards of Directors to gain insights on the benefits to institutions of using the Assessment, the roles of the CEO and Board of Directors, a high-level explanation of the Assessment, and how to support implementation of the Assessment.
Step 2: Read the User's Guide (Update May 2017) to understand all of the different aspects of the Assessment, how the inherent risk profile and cybersecurity maturity relate, and the process for conducting the Assessment.
Step 3: Complete Part 1: Inherent Risk Profile of the Cybersecurity Assessment Tool (Update May 2017) to understand how each activity, service, and product contribute to the institution’s inherent risk and determine the institution’s overall inherent risk profile and whether a specific category poses additional risk.
Step 4: Complete Part 2: Cybersecurity Maturity of the Cybersecurity Assessment Tool (Update May 2017) to determine the institution’s cybersecurity maturity levels across each of the five domains.
Step 5: Interpret and Analyze Assessment Results to understand whether the institution’s inherent risk profile is appropriate in relation to its cybersecurity maturity and whether specific areas are not aligned. If management determines that the institution’s maturity levels are not appropriate in relation to the inherent risk profile, management should consider reducing inherent risk or developing a strategy to improve the maturity levels.
Refer to the User's Guide for additional explanation of Steps 3, 4, and 5.
GTB's DLP that Works Platform can aids with FFIEC in many ways. One example would be using GTB Data Discovery to automatically perform data management functions for:
Preventive Controls/Access and Data Management: "Data are disposed of or destroyed according to documented requirements and within expected time frames. "
Source: IS.B.66: Financial institutions should control and protect access to paper, film and computer-based media to avoid loss or damage. Institutions should … ensure safe and secure disposal of sensitive media.
IS.WP.I.4: Evaluate the adequacy of security policies and standards relative to the risk to the institution. Physical controls over access to hardware, software, storage media, paper records, and facilities. Media handling procedures and restrictions, including procedures for securing, transmitting and disposing of paper and electronic information.**
* Information Security, Operations
In addition to the “Overview for Chief Executive Officers and Boards of Directors”, the FFIEC has released the following documents to assist institutions with the Assessment.
- Appendix A: Mapping Baseline Statements to FFIEC IT Handbook (Update May 2017)
- Appendix B: Mapping to NIST Cybersecurity Framework
- Appendix C: Glossary [i]